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Form 8832 is used by eligible entities to choose how they are classified for federal tax purposes. Information about Form 8832, Entity Classification Election, including recent updates, related forms, and instructions on how to file.
Purpose of Form An eligible entity uses Form 8832 to elect how it will be classified for federal tax purposes, as a corporation, a partnership, or an entity disregarded as separate from its owner. An eligible entity is classified for federal tax purposes under the default rules described below unless it files Form 8832 or
LLCs can file Form 8832, Entity Classification Election to elect their business entity classification. Pursuant to the entity classification rules, a domestic entity that has more than one member will default to a partnership.
Here are instructions on how to fill out IRS Form 8832, as well as FAQs to figure out whether your business is eligible to complete IRS Form 8832.
In our simple guide, we’ll walk you through form 8832 instructions so you can change how your organization will be classified for federal taxation purposes.
Form 8832 is the IRS form a new Limited Liability Company (LLC) uses to elect how it wants to be taxed or an established LLC uses to change its current tax classification. Most often, the form is used by a newly formed LLC that wants to be taxed as a C-corporation.
George Dimov October 28, 2024. Form 8832, also known as the Entity Classification Election, allows eligible businesses to choose their tax classification for federal tax purposes. By filing this form, entities such as LLCs, partnerships, or corporations can elect to be taxed as a corporation, partnership, or disregarded entity.